KEY POINTS:
A major Wellington building company has been placed in liquidation.
Pilbrow Residential collapsed on Thursday, leaving $5 million of construction projects in limbo, more than $1 million owed to creditors and 19 jobs axed, The Press newspaper reported today.
Liquidators Shephard Dunphy blamed the financial meltdown on the company's decision to expand into housing design, saying the move cost a "lot of money" during the last year.
Pilbrow has 12 building projects in Wellington on the go and liquidators will decide next week whether the projects will be abandoned.
The company, which started in 1998, has offices in Wellington and the Wairarapa and planned to expand to Christchurch and Kapiti.
- NZPA
